Spain invests big to boost the production of Electric Car

The Spanish government has said that it will be investing 4.3 billion euros ($5.1 billion) from its share of European pandemic recovery funds to revamp and boost its automobile industry. Spain aims to steer the manufacturing of electric vehicles (EV) and their components, Spain’s Prime Minister Pedro Sánchez stated. He also said that this investment will be a real revolution for the Spanish economy, which will bring an estimated 19 billion euros ($22.5 billion) in additional private investment.

Spain’s left-wing coalition government is aiming to inject the money in various automobile segments like the car manufacturing chain, from lithium extraction to electric battery cell assembly lines. The country plans to transform Spain's automobile sector with the 140 billion euros ($166 billion) that the country is expected to receive in the next six years from the EU's Next Generation funds.

The Spanish Cabinet is set to approve the automobile plan. With this the automobile companies will be able to apply for funding immediately after, with the first disbursements, which is expected to arrive in September.The Prime Minister also said that the country is investing one billion euros in electric vehicle manufacturing unit and another billion euros will go to install new public electric plug-in points.

Hyundai Prophecy Concept Teased for Geneva Show

Hyundai is reported to unveil a new electric concept car at the 2020 Geneva Motor Show. However, the automaker isn’t revealing any information about it except for a name, Prophecy.

By definition, concepts are meant to hint at automaker’s future plans and Prophecy is an apt name for a concept car. It is likely that Prophecy will be a counterpoint to Hyundai’s last Geneva concept car. The Hyundai 45 concept was a retro styled electric car meant to reference the Hyundai Pony rear wheel drive hatchback of the 1970s. It was the first car designed in house by Hyundai.

Hyundai commented with regards to the styling of the Prophecy that it will have the same Sensuous Sportiness theme as its recent production models. It is unclear whether the Prophecy will share any underpinnings with Hyundai’splanned electric production models.

In 2017, Hyundai announced a dedicated EV platform which is also expected to be used by Kia and Genesis. Hyundai has also confirmed plans to co-develop a different platform with startup Canoo recently.